Luxury services help Yoox buck economic slowdown

MILAN - Italy's online fashion retailer Yoox expects revenues and profits to grow in 2013 as it continues to reap benefits from its new logistics platform and new contracts with brands.

The company, which manages its own online stores Yoox.com, thecorner.com and shoescribe.com as well as those of luxury groups such as PPR, said first-quarter sales grew over 21 percent to 110.4 million euros ($145.44 million).

The result broadly met an average forecast of 110 million euros by analysts polled by Thomson Reuters I/B/E/S.

Yoox said sales in Italy rose 11.4 percent in the period despite the recession, helped by innovation in its logistics platform and growing demand from mobile shoppers.

Net income slowed to 1.1 million euros from 1.2 million euros a year before, hit by the investments in innovation. ($1 = 0.7591 euros) (Reporting By Antonella Ciancio, editing by Stephen Jewkes)